Isle Of Man Government Agency Forms New Blockchain Office and Digital Regulatory Sandbox
Many countries in the world are starting initiatives to support the blockchain technology lately. Now, the government from the Island of Man, a self-governing British dependency, has decided to promote the blockchain in the country by creating a new blockchain hub in the country, the Blockchain Office.
According to the government, this is a key decision in order to help the blockchain growth in the country and will in order to create a space that will be favorable for the development of new projects focused on the blockchain technology.
Along with this new office, the governmental agency is also set to launch a regulatory sandbox for the blockchain in the country. This regulatory sandbox will provide the guidance for the entrepreneurs and investors of the island and will show them the right regulation.
Starting in March 2019, any company will be able to join the blockchain sandbox, which will be operational in the second half of the year. Any company will be accepted in the group, which will help the companies to develop their products.
The idea, according to the local government, is not to regulate the sector in isolation, but to be flexible and look at how the blockchain technology is being regulated around the whole world in order to do it in the Island of Man.
The Blockchain Office and Sandbox
According to the CEO of Digital Isle of Man, Lyle Wraxall, the Blockchain Office and Sandbox will be very important for the country in order to create a jurisdiction that will be supportive of the blockchain industry in the island. He wants to attract the most interesting blockchain companies to make the island into one of the best blockchain hubs in the world.
The Isle of Man already has a history of being supportive of the blockchain technology and it is the base of many important crypto exchanges ever since 2013. Names like CoinCorner, Qadre and Luckbox have started in the country.
Only one concern could appear on the island, which is the fact that another pro-blockchain island, Malta, the so-called Blockchain Island, has been criticized by the International Monetary Fund (IMF) for creating risks of money laundering, a path that the Isle of Man could follow if regulations are not strict enough.